The bank stocks may offer much needed support to the Index, if the Indian Rupee is appreciated in the Foreign Exchange market. This week, the bank stocks have led the rally. The reforms announced by the Governor of the Reserve Bank of India may take shape now, according to the analyzing specialists. The measures announced to control the fall of the Indian Rupee by the RBI Governor, Mr. Raghuram Rajan, is really positive. The National Stock Exchange Bank Index surged 9.5%, which is the highest single day gain, since May18. The Nifty Bank Index ended 2.8%. The NSE Bank gained 1297 points, in the last three business sessions.
ICICI Bank, HDFC Bank and the State Bank of India enjoy gains, for the week ended 6th September, 2013. In the currency market, the India Rupee marginally gained and if it continues its journey in the same direction, the bank stocks may gain further, in the coming days.